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January 4, 2017

Standard Mileage Rates Will Change Slightly in 2017

By: Gregory L. Mudd, CPA

Optional standard mileage rates for use of a vehicle will change slightly for 2017, the IRS announced, with business use and medical and moving rates decreasing (Notice 2016-79). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

For business use of a car, van, pickup truck or panel truck, the 2017 rate will be 53.5 cents per mile, slightly lower than the 54 cents per mile that applies for 2016.

Driving for medical or moving purposes may be deducted at 17 cents per mile, which is 2 cents lower than for 2016.

The rate for service to a charitable organization remains unchanged at 14 cents per mile.

For more information, contact Greg Mudd at gmudd@orba.com, or call him at 312.670.7444.